Insider: Sequoia, Qatari Wealth Fund Back Turkish Tech’s Latest Unicorn - Bloomberg
Qatar’s sovereign wealth fund led a funding round for Insider PTE, valuing the Turkish artificial intelligence startup at $1.22 billion as global funds channel more cash into Turkey’s up-and-coming technology firms.
Insider Pte Ltd got $121 million in financing from Qatar Investment Authority in the Series D round, as well as from Sequoia Capital Operations LLC, Riverwood Capital LLC, Wamda Capital, Endeavor Catalyst Inc., Esas Holding AS and 212 Capital Partners, according to an emailed statement from the company.
Insider’s valuation, at triple the level two years ago, underlines the growing foreign interest in Turkish startups, mostly in technology. Those companies attracted $1.55 billion last year, a 10-fold increase from a year ago and 50 times higher than 2016. Previous Turkish unicorns, a term that describes startups worth $1 billion or more, were mostly in retail or gaming.
Insider’s platform uses artificial intelligence to predict future consumption behavior. It counts the likes of Toyota Motor Corp. and Vodafone Group Plc among its clients.
The new funding will be used to expand into the U.S. after recent growth in Asia, Europe and Latin America, according to Hande Cilingir, its chief executive and co-founder.
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